More young people are buying homes in Boston than anywhere else in the US

Millennials in Boston are
entering the housing market more than their counterparts in any
other major US city.Bill
Damon/flickr

Boston's millennials are dominating their city's housing market.

According to a
new study released by online loan marketplace LendingTree, over half of
home-loan requests in Boston — 52.5% — are made by people under
35. That percentage is higher than all of the other 58 major US
cities analyzed in the report.

"The growing technology sector is likely attracting many
millennials to the city, and with real estate in high demand,
young professionals may see a Boston-area home purchase as a
sound investment, especially in up-and-coming areas," Doug Lebda,
CEO of LendingTree, tells Business Insider.

"The majority of millennials are seeking mortgages in South
Boston, West End, and Back Bay, suggesting that millennials value
proximity to work, public transportation, and popular city
attractions," he continues.

Boston millennials aren't deterred by the high real estate
prices. Their mortgage loans average $343,800, and their down
payments are $56,900, LendingTree reported. They're also making
average monthly payments of $1,910.

The Massachusetts capital represents a larger trend of young
people pursuing home ownership.

"The under-35 crowd had been,
for some years, hesitant to enter the housing market, but we're
seeing that start to shift,"
Lebda said in a press release. "The data all points to the fact that
millennials are increasingly eager to own rather than
rent."

On average, 41% of all mortgage
requests through LendingTree come from those under
35.

"In a recent survey, 75% of millennial renters told us they'd
rather buy a home rather than continue renting if they could
afford it," Lebda tells Business Insider. "Millennial homeowners, meanwhile, said they
purchased their homes because home ownership provides freedom, a
sound investment opportunity and the ability to build equity. I'm
sure young Boston home buyers share these sentiments."